Selbyville, Delaware, United States, September 29 2020 (Wiredrelease) Global Market Insights, Inc –:According to a Global Market Insight, Inc. report, global long fiber thermoplastics market size will surpass US$3 billion by 2025. Mentioned below are some latest trends propelling market growth.
Drifting consumer inclination towards eco-friendly and lightweight products may boost demand for long fiber thermoplastics on account of the biodegradability, high strength to weight ratio, and recyclability. There is a widespread usability of material in the manufacturing of automotive, furniture, aerospace, and sports products.
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Cars or automobiles make up approximately 74% of the total motor vehicle annual production in the world. With number of motor vehicles is rising day-day-day, it also fueling up the demand for long fiber reinforced thermoplastics (LFTs) across the auto manufacturing industry.
Application in making of sports products
The growing trend of sports activities such as cycling among people to maintain their fitness will fuel demand for long fiber thermoplastics on account of its utilization in the manufacturing of lightweight bicycles. These thermoplastics are vastly used in the manufacturing of chess boards, golf shafts, and badminton racquets due to the material’s durable and firm nature.
Material requirement in aerospace sector
The low-cost of LFT is effectively economical as compared to metals due to which its usability in manufacturing aerospace components has substantially increased. The long fiber thermoplastics market from aerospace applications is estimated to exceed US$450 million by 2025. On account of LFT’s chemical resistant and corrosion free properties which ensures the durability of products and increases product life, this material is being increasingly used in the aviation sector.
Packaging, furniture and toy industries
Polypropylene resin assorted with LFT is utilized extensively in the packaging industry, and due to its chemical and thermal resistance, it is also used in the manufacturing of furniture and toys components. The widespread application of the material will positively influence its demand across all sectors. The long fiber thermoplastics industry share from polypropylene resin demand is projected to observe a substantial CAGR exceeding 9.5% through 2025.
Long fiber thermoplastic market in the U.S.
Due to LFT’s mechanical strength and lighter weight, it is widely used in the construction of movable prefabricated homes. The U.S. long fiber thermoplastics market share from construction applications is projected to cross US$15 million by 2025 in annual revenues. This polymer also offers abrasion and impact-resistant features which protects these movable houses from collisions and extreme environmental conditions.
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Demand from German automotive sector
Germany long carbon fiber reinforced thermoplastics industry from automobile application is expected to surpass 9.5% by 2025. On account of extraordinary properties, LFT is widely used for the manufacturing of automobile components. The flexible characteristics of the material helps in developing complicated and aerodynamic car designs, and in the manufacturing of car seats, doors, and dashboards.
Demand from Indian electronic industry
India long fiber thermoplastics industry share from electronic products application is projected to reach US$3.5 million by 2025. The substantial growth of the electronic industry in the region will boost demand for LFTs on account of its nonconductive property which is used as an important material in the manufacturing of electronic appliances to protect users from electric shocks.
Leading companies in the global long fiber thermoplastics industry include Celanese Corporation, RTP Company, SABIC, Quadrant Group, Plasticomp, Asahi Kasei, and Solvay group. Prominent manufacturers are extensively investing in research & development activities to produce advanced products and applications from long fiber thermoplastics.
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